Senior PLC FY21 Post-close Trading Update (4082Y)

TIDMSNR

RNS Number : 4082Y

Senior PLC

14 January 2022

Senior plc: FY21 Post-close Trading Update

Senior plc ("Senior" or the "Group"), an international manufacturer of high technology components and systems, principally for the worldwide aerospace & defence, land vehicle and power & energy markets, today issues this trading update for the year ended 31 December 2021 (the "Period").

Key Points

 
--   Full year trading in line with expectations 
--   Positive net cash flow of around GBP58m 
--   Net debt (excluding capitalised leases) of GBP80m modestly 
      better than expectations 
--   Improved profitability from restructuring and cost reductions 
--   Overall, recovery underway in core markets including civil 
      aerospace

Trading update

For the full year 2021, subject to audit, Group revenue is likely to be around GBP659m, with both Aerospace and Flexonics Divisions in line with management's expectations. The Group anticipates the adjusted loss before tax(1) will also be in line with management's expectations.

In our Aerospace Division, when compared to the prior year, part of which was pre-COVID and included Senior Aerospace Connecticut for the full year, 2021 revenue is expected to be around 12% lower on a constant currency basis. In Flexonics, revenue is expected to grow around 10% compared to the prior year, on a constant currency basis. The decisive actions we took on restructuring and other costs have resulted in improved profitability in both divisions compared to the prior year.

As previously discussed, overall, we are seeing recovery underway in our core markets including civil aerospace and anticipate that continuing in 2022 and beyond. While the impact of the pandemic and industry wide supply chain constraints are still with us, we continue to manage these diligently. We will provide further detail at our full year results presentation.

Cash generation and financial position

The Group generated strong net cash inflow of around GBP58m in 2021. After accounting for lease payments and currency movements, net debt at the end of December 2021 is expected to be around GBP80m (excluding capitalised leases of GBP73m), a reduction of GBP49m from December 2020.

Notes

All full year 2021 figures are subject to audit.

(1) Adjusted loss before tax is before amortisation of intangible assets from acquisitions, goodwill impairment and write-off, net restructuring costs and corporate undertakings.

Further information

 
                         Group Finance Director, Senior     +44 (0) 1923 714 
Bindi Foyle               plc                                725 
                         Director of Investor Relations,    +44 (0) 1923 714 
Gulshen Patel             Senior plc                         722 
                                                            +44 (0) 7796 708 
Richard Webster-Smith    Finsbury Glover Hering              551

About Senior

Senior is an international manufacturing group with operations in 12 countries. It is listed on the main market of the London Stock Exchange (symbol SNR). Senior designs and manufactures high technology components and systems for the principal original equipment producers in the worldwide aerospace & defence, land vehicle and power & energy markets. Further information on Senior plc may be found at: www.seniorplc.com

Cautionary Statement

This announcement contains certain forward-looking statements. Such statements are made by the Directors in good faith, based on the information available to them at the time of the announcement, and they should be treated with caution due to the inherent uncertainties underlying any such forward-looking information.

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